Minister of Finance: The global economy faced a number of challenges that affected development in low-income countries

Finance Minister Mohammed bin Abdullah Al-Jadaan participated in the development forum of the OPEC Fund for International Development, as well as in the ministerial meeting of the Fund, which were held on Tuesday and Wednesday 2-3 Dhu al-Hijjah 1444 AH corresponding to 20-21 June 2023 AD in the Austrian capital Vienna, in the presence of Their Excellencies, Ministers of Finance of Member States box.

The forum witnessed several discussion sessions, in which participants discussed the current landscape of development and the future of its financing, sustainable food systems, climate innovation for a sustainable future, and policies and partnerships that prioritize people and the planet.

In a speech delivered during his participation in the forum accompanying the ministerial meeting entitled “The Current Scene and the Future of Development Financing,” Al-Jadaan said: “Multilateral development banks are considered one of the main ways to support sustainable development globally, by providing multilateral solutions to development issues, and it is clear that they have made exceptional efforts to support low- and middle-income countries since 2020.

He added: “At a time when the challenges related to the Corona virus have receded, the global economy has faced a number of other overlapping and continuing challenges, including the food security crisis, challenges to access to water and energy, and high levels of debt, which directly affected development in low-income countries.” », stressing the need for multilateral development banks to revitalize themselves by presenting more ambitious and globally coordinated efforts that are driven by the priorities of countries at the national level.

On the other hand, Finance Minister Mohammed bin Abdullah Al-Jadaan chaired yesterday the 44th ministerial meeting of the OPEC Fund for International Development, which included reviewing the annual report of the fund and its financial data, evaluating its performance for the current year, and discussing the Fund’s upcoming work plans, as well as exchanging views of partner countries and institutions On the current situation and future scenarios for international development, including the Fund’s role in supporting the achievement of comprehensive and sustainable development for all.

In his opening speech during the meeting, he thanked the members of the Board for electing him as its Chairman for the next year, noting that the Fund has accomplished a lot, despite the many global challenges.

He drew attention to the fact that the Fund’s current mission is to enable it to achieve sustainable growth and deepen its development impact in developing countries, indicating that the Fund has grown in terms of the volume of financing for development – through 48 prominent new projects, and loans amounting to more than $1.6 billion. Development effectiveness is evidence that projects are really making an impact and changing people’s lives for the better.

The OPEC Fund for International Development is a multilateral development finance institution based in Austria, established by the member states of the Organization of the Petroleum Exporting Countries (OPEC) in 1976 AD; With the aim of strengthening cooperation between the member states of the Organization of Petroleum Exporting Countries (OPEC) and other developing countries, to provide assistance to developing countries, especially low-income countries, in the framework of the pursuit of sustainable development.

The Fund’s Ministerial Council meets annually in Vienna, and the Fund focuses on projects that meet basic needs such as food, energy, clean water, sanitation, health care, and education, with the aim of encouraging self-reliance and inspiring hope for the future.

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